The Central Bank of Nigeria has placed a ban on the usage of Naira denominated corporate cards abroad.
As such, banks that have issued corporate cards denominated in Naira have alerted their clients of the need to beware of this development, especially as summer draws near.
An email by First City Monument Bank on Wednesday reiterated this development.
The email by FCMB said: “Following the recent changes in the Nigerian Foreign exchange market and a recent mandate by the CBN, the use of Naira denominated Corporate cards will no longer be permitted abroad.
“This means that, as a Corporate Card holder, you can carry out your transactions using your card within Nigeria only. You will not be able to use your Naira denominated Corporate card abroad for ATM withdrawals, POS transactions or online purchases at international stores.”
The bank therefore told its customers to make use of alternative platforms for transactions abroad.
Among the alternatives, the bank said, are the following foreign currency cards:
Prepaid USD MasterCard, Foreign Currency Credit Card (USD) and Foreign Currency Debit Card (USD or GBP).”
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